Cognition Therapeutics raises $2.5M

Life Sciences start-up Cognition Therapeutics Inc. has raised $2.5 million from 22 investors, the South Side Pittsburgh-based company said Thursday.

The money will be used for preclinical work by the company which is developing treatments for Alzheimer’s disease. The company has developed a compound that it is wants to take to “Investigational New Drug” status which means taking research to the next level.

The company’s drug works on a molecular level and is designed to block certain toxic proteins that interfere with learning and memory.

This latest funding round was led by Golden Seeds, an angel investing group with offices around the country including Philadelphia. The round was syndicated with Southern California-based Tech Coast Angels.

New investors in the round include The Breedlove Limited Family Partnership and TMC Investment Co. Existing investors also participated, including two area seed-stage investor groups — Pittsburgh Life Sciences Greenhouse and Innovation Works — as well as Ogden CAP associates, and M5Invest.

“This financing increases our investor base and further expands our national network to support the critical work we are doing to identify drugs that can treat and potentially prevent the progression of Alzheimer’s disease,” said President and CEO Hank Safferstein, in a written statement.

The company also announced Nada Jain, managing director of Golden Seeds, and Mark Breedlove, president and CEO of Keystone Profiles, are joining the board of directors.